Liability of interest where CENVAT credit was wrongly taken but reversed by assessee before utilization

Liability of interest where CENVAT credit was wrongly taken but reversed by assessee before utilization https://www.taxtmi.com/circulars?id=8555 Liability to pay interest arises when CENVAT credit has been wrongly availed, even if not utilized, because the relevant provision is to be read disjunctively: on the happening of any one of the circumstances-credit wrongly taken, wrongly utilized, or erroneously refunded-the credit becomes recoverable along with interest; administrative action is directed to safeguard revenue and inform trade and field formations. en-us Mon, 14 Mar 2011 00:00:00 +0530 Tue, 15 Mar 2011 09:50:00 +0530 TaxTMI RSS Generator Liability of interest where CENVAT credit was wrongly taken but reversed by assessee before utilization https://www.taxtmi.com/circulars?id=8555 Liability to pay interest arises when CENVAT credit has been wrongly availed, even if not utilized, because the relevant provision is to be read disjunctively: on the happening of any one of the circumstances-credit wrongly taken, wrongly utilized, or erroneously refunded-the credit becomes recoverable along with interest; administrative action is directed to safeguard revenue and inform trade and field formations. Circulars Central Excise Mon, 14 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/circulars?id=8555